Windows Live Mail 2011 Error: Failed to initialize canvas

After updating my Windows Live Essentials to the latest Build 15.4.3538.0513 I found that I was unable to reply to any mail, or send new mail. I received the following Failed to initialize canvas errors.

If it doesn't work... then it might be issue of System Volume Information attributes.

First of all Show hidden files and folders and uncheck the Hide protected operating system files (Recommended) in Folder Options.
Now System Volume Information folder is visible, so go to its Properties and check Read-only attribute if it is checked.